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India Inc. today welcomed the GST Council's decision to lower rates on several products and simplify the corporate tax reporting process, saying that this decision will promote compliance and benefit consumers.
As Finance Minister in May of this year, Piyush Goyal allowed companies with a turnover of up to Rs. 5 million to produce quarterly reports, which will benefit 93 percent of GST ratepayers. However, they will have to pay taxes every month.
Up to now, companies making a turnover of Rs 1.5 crore were allowed to file quarterly returns.
In a statement, the Confederation of Indian Traders (CAIT) said the return form of a single page that must be filed quarterly for traders with a turnover of up to 39%. at Rs 5 crore is a bold step that will ease the miseries of traders. "Decisions on the simplification of declarations and in particular the preservation of the interests of small taxpayers deserve to be made easier for both small and large taxpayers," said Ficci President Rashesh Shah [19659005]. increase compliance, broaden the tax base and move in the right direction to achieve the objectives of the GST
At its meeting yesterday, the GST Board also lowered the rates of tax. imposition of 88 items: shoes, refrigerator, washing machine and small screen. "Exemption from the GST on sanitary napkins is welcome as it is a big step towards empowering women because sanitary napkins are needed for feminine hygiene." Menstrual hygiene in girls and women, because eliminating the GST on sanitary napkins will make towels more affordable and more women will be able to use them. "Pinky Redd President, Ficci Ladies Organization (FLO) said:
Harpreet Singh, Indirect Tax Associate, KPMG in India, said the rationalization of rates on so many products is quite similar to the annual budget announcements
. would undoubtedly give industry and consumer satisfaction, but it would be interesting to see how the government would try to compensate for the loss of revenue due to tax rate cuts, said Mr. Singh
. such as deities made of stone, marble and wood, phool jharoo, Rakhis etc. was a long time waiting request from the sector.
"Taxation of the rate of 5/12 per cent, added to the woes of the already decreasing sector.The GST exemption could give a much needed boost to the industry that contributes significantly to rural employment, "said Mr. Singh
. he added.
Dinesh Chhabra, CEO of Usha International, maker of household appliances, appreciated the reduction in the GST rate from 28 to 18 years. percent on food grinders, blenders, water heaters, water coolers, water heaters, electric ironing machines, among others.
"These are basic appliances and are needed in every household. This breakthrough before the end of the year celebrations will certainly inspire consumer enthusiasm and promote the growth of the category of home appliances, "said Mr. Chhabra
Abhishek Jain, a tax partner of Ernst & Young Services in India. "A significant turnaround for hotels since the 28% GST rate would not apply if the actual rate value is less than 7,500, even though the published rate may be greater than 7,500;
"The reduction of the GST rate on ethanol to 5% for tankers is welcome again, as major petroleum products are not subject to the GST, which would help reduce their cost". Said.
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